Industrial Alliance acquires the Promutuel building on the Grande Allée in Quebec City
Industrial Alliance Insurance and Financial Services Inc. announced today that it acquired the Promutuel building on the Grande Allée in Quebec City’s Sillery neighbourhood, right across the street from its head office. This acquisition brings the number of buildings that Industrial Alliance owns in Canada up to 31, for a total rental space of 3.6 million square feet, and a market value of almost $625 million.
The Promutuel building is located at 1091 Grande Allée West, in the Sillery sector, adjacent to the Bois de Coulonge Park and less than one kilometer from the Plains of Abraham. It features 52,000 square feet of rental space, on a 57,000 square foot lot with 120 exterior parking spaces. The building houses the head office of Promutuel, an insurance and financial services company founded 150 years ago. Promutuel will remain a tenant of the building until spring 2009, when it moves into a new building under construction in the Lebourgneuf neighbourhood, in Quebec City’s Rivières borough.
"This acquisition allows Industrial Alliance to enhance its presence in the Quebec City landscape, while profiting from a concentration of buildings on the Grande Allée, the most famous thoroughfare in the city," said Claude Tessier, Vice-President, Real Estate Investments. This acquisition is the ninth building that Industrial Alliance owns in the Quebec City region, for a total rental space of 1.7 million square feet. It owns six buildings in the sector of Sillery, close to its head office. This is an excellent long-term investment for Industrial Alliance, which already owns top quality real estate holdings."
About Industrial Alliance
Founded in 1892, Industrial Alliance Insurance and Financial Services Inc. is a life and health insurance company that offers a wide range of life and health insurance products, savings and retirement plans, RRSPs, mutual and segregated funds, securities, auto and home insurance, mortgage loans and other financial products and services. The fifth largest life and health insurance company in Canada, Industrial Alliance is at the head of a large financial group, which has operations across Canada, as well as in the western United States. Industrial Alliance contributes to the financial well-being of over three million Canadians, employs more than 2,900 people and manages and administers over $50 billion in assets. Industrial Alliance stock is listed on the Toronto Stock Exchange under the ticker symbol IAG. Industrial Alliance is among the 100 largest public companies in Canada.
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Vice-President, Investor Relations
Office: 418 684-5275